Tuesday, December 11, 1973
All this, he pointed out, amounted to a new and disturbing
prospect which called for careful thought and perhaps some adjustments,
but which could not at present be fully assessed.
"We would be wrong to take it lightly, but we would be even more
wrong to embrace gloom," he said.
Another new problem, the Governor continued, was the serious
shortages of essential raw materials and semi-manufactured materials which
had developed with some rapidity, coupled in some cases by price rises of
a size unprecedented in recent times.
Virtually everyone of Hong Kong's export industries was experiencing
difficulty in securing an adequate supply of raw materials, he said, and
price increases had occurred where raw materials are available.
While it was difficult for Hong Kong to influence production in
the supplying countries, Hong Kong was not entirely helpless and wherever
possible the government had taken steps to improve supplies and would
continue to do all in its power.
Sir Murray described improvement of supplies as "a field of the
greatest importance" and assured industrialists that the government would
continue to maintain close contact with industry about it.
Referring to trade discrimination against Hong Kong, the Governor
re-iterated that the government would continue to fight it "with the utmost
vigour.
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He believed that the continuing, unrelenting and highly expert
effort of our trade officials was having some practical success as well as
giving Hong Kong's trading partners a better understanding of its problemṣ,
He welcomed